Nigeria’s latest Treasury Bills auction saw total subscriptions reach N4.59 trillion, almost three times the N1.15 trillion offered by the Debt Management Office. The primary market sale was conducted on Wednesday, 4 February 2026, highlighting strong investor demand for government securities.
The DMO moderated borrowing, allotting N952.6 billion across 91-day, 182-day, and 364-day bills. The 364-day bill attracted the most interest, receiving N4.40 trillion in bids against an N800 billion offer. The stop rate for this tenor fell to 16.99%, down from 18.36% in January.
Shorter-term instruments saw less demand, with the 182-day and 91-day bills under-subscribed at N123.41 billion and N66.05 billion respectively. Their stop rates remained unchanged at 16.65% and 15.84%, reflecting market preference for locking in returns over a longer period.
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Analysts say the oversubscription shows strong confidence in NTBs amid persistent market liquidity. The DMO’s cautious allotment and reduction of the one-year stop rate demonstrate growing market depth and the government’s ability to lower borrowing costs while meeting investor appetite for long-term, stable returns.
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